The Tech Sector May Shine On The Back Of Sharp Gains In Tech Rebound On Wall Street

The technology sector may shine along with the sharp gains in a tech-led rebound on Wall Street overnight, Malacca Securities said in a note.

 Besides, the energy and plantation sectors may see bargain hunting activities after a heavy sell-down amid recovering underlying commodity prices. Meanwhile, the healthcare sector should gain traction amid rising Covid-19 daily confirmed cases.

On the local market, the FBM KLCI (-0.2%) succumbed to the eleventh-hour selling pressure in selected banking and Petronas-related heavyweights to edge mildly lower yesterday.

It said that both the lower liners and the broader market, however, ended up mixed with the plantation sector (+1.8%) leading the pack after CPO price rebounded.

On the global markets, the US stock markets extended their gains as the Dow (+1.1%) advanced on optimism that the US Federal Reserve will be able to tame inflation without tipping the economy into recession. The European stock markets also marched higher, while Asia stock markets ended mostly positive.

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